Australians pay almost $1 billion a year in card surchages, prompting RBA warning | ABC News

Australians are losing an estimated $1 billion annually to card surcharges, prompting the Reserve Bank to consider mandating a scheme to reduce card processing costs. The least-cost routing (LCR) scheme allows terminals to automatically default to the most economical card network, lowering costs for both businesses and consumers.
Subscribe: ab.co/1svxLVE
Read more here: www.abc.net.au/news/2024-03-0...
ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC News, click here: ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: ab.co/2lNeBn2
Like ABC News on Facebook: / abcnews.au
Follow ABC News on Instagram: / abcnews_au
Follow ABC News on Twitter: / abcnews
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia